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News

SBF Denies 50-Year Prison Proposal, Calls Sentence Excessive

March 20, 2024 - Around 2 mins mins to read

Key Points:

  • FTX co-founder Sam Bankman-Fried has been accused of crimes leading to over a million victims and a $10 billion loss.
  • Prosecutors are calling for a 40 to 50-year prison sentence, but his defense suggests this is excessive.
FTX’s SBF denies 50-year prison sentence proposal for his alleged crimes involving over $10 billion loss. His defense calls the proposal “disturbing”.
SBF Denies 50-Year Prison Proposal, Calls Sentence Excessive
Source: Tiffany Fong

According to Bloomberg, Sam Bankman-Fried, co-founder of FTX, has refuted US prosecutors’ call for a 50-year prison sentence, labelling it as a distortion of reality that depicts him as a “depraved super-villain.”

SBF Denies 50-Year Prison Proposal: “Distorts Reality” 

Prosecutors have argued that, due to the historic nature of his crime, which allegedly involved over a million victims and a loss of more than $10 billion following the collapse of his crypto empire, a 40 to 50-year sentence is necessary.

They accuse Bankman-Fried of displaying unparalleled greed and hubris, breaking the law under the influence of his own values and a dangerous sense of superiority.

This proposed sentence, however, is far less than the 100 years suggested by US criminal sentencing guidelines and significantly more than the 6 1/2 years suggested by Bankman-Fried’s lawyers.

Readmore: Sam Bankman-Fried Trial Live Updates: Latest News And Insights

Defense Claims Government Attempts to Break Bankman-Fried

The defense has called this proposal “disturbing,” asserting the government is attempting to break their 32-year-old client. In November, a Manhattan jury convicted Bankman-Fried on seven charges, including wire fraud and conspiracy.

Allegedly, he redirected FTX customer money into an affiliated hedge fund, Alameda Research, for risky investments, political donations, and high-end real estate, leading to both companies’ bankruptcy in 2022. Prior to this, FTX had been valued at $32 billion.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

FTX

FTX Founder

Sam Bank-man

Sam Bankman-Fried

SBF

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Author

Thana

I am a news editor at Coincu, where I produce daily editorial packages and manage the knowledge and review article sections. Before journalism, I earned a Bachelor's degree in Global Logistics and Supply Chain Management from Northampton University and studied news journalism at Press Association Training.
News

SBF Denies 50-Year Prison Proposal, Calls Sentence Excessive

Key Points:

  • FTX co-founder Sam Bankman-Fried has been accused of crimes leading to over a million victims and a $10 billion loss.
  • Prosecutors are calling for a 40 to 50-year prison sentence, but his defense suggests this is excessive.
FTX’s SBF denies 50-year prison sentence proposal for his alleged crimes involving over $10 billion loss. His defense calls the proposal “disturbing”.
SBF Denies 50-Year Prison Proposal, Calls Sentence Excessive
Source: Tiffany Fong

According to Bloomberg, Sam Bankman-Fried, co-founder of FTX, has refuted US prosecutors’ call for a 50-year prison sentence, labelling it as a distortion of reality that depicts him as a “depraved super-villain.”

SBF Denies 50-Year Prison Proposal: “Distorts Reality” 

Prosecutors have argued that, due to the historic nature of his crime, which allegedly involved over a million victims and a loss of more than $10 billion following the collapse of his crypto empire, a 40 to 50-year sentence is necessary.

They accuse Bankman-Fried of displaying unparalleled greed and hubris, breaking the law under the influence of his own values and a dangerous sense of superiority.

This proposed sentence, however, is far less than the 100 years suggested by US criminal sentencing guidelines and significantly more than the 6 1/2 years suggested by Bankman-Fried’s lawyers.

Readmore: Sam Bankman-Fried Trial Live Updates: Latest News And Insights

Defense Claims Government Attempts to Break Bankman-Fried

The defense has called this proposal “disturbing,” asserting the government is attempting to break their 32-year-old client. In November, a Manhattan jury convicted Bankman-Fried on seven charges, including wire fraud and conspiracy.

Allegedly, he redirected FTX customer money into an affiliated hedge fund, Alameda Research, for risky investments, political donations, and high-end real estate, leading to both companies’ bankruptcy in 2022. Prior to this, FTX had been valued at $32 billion.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.